CSE begins week with sharp dip due to selling spree

Tuesday, 18 March 2025 00:35 - - {{hitsCtrl.values.hits}}

The Colombo stock market continued its downward path influenced by a selling spree amidst low turnover.

The benchmark ASPI was down by over 211 or 1.35% and the active S&P SL20 by 1.5%. Turnover was Rs. 1.27 billion involving 54.7 million shares.

First Capital said the week began with increased selling pressure as the bourse experienced a continuously red session with slight hints of volatility. MELS, NDB, SAMP, DFCC and SPEN emerged as the top negative contributors to the index. Both HNW and retail investors remained moderately active as increased crossings and trades were reported relative to the previous session. Banking sector counters were the primary contributors to today’s overall decline.

The Capital Goods sector was the most significant contributor to the overall turnover with a 25% share, followed by the Banking, and Food, Beverage and Tobacco sectors jointly accounting for 39%. Foreign investors were net buyers, with a net inflow of Rs. 28 million.

Asia Securities the indices were dragged by price declines in NDB (-3.7%), BIL (-2.6%), SUN (-2.4%), AEL (-2.1%), and HAYL (-1.8%). MELS (-21 points), NDB (-14 points), and SAMP (-13 points) were the major laggards of the index. The market breadth was negative with 30 price gainers and 171 decliners.

Turnover was led by SAMP (Rs. 115 million), HAYL (Rs. 97 million) and BIL (Rs. 77 million).

NDB Securities said high net worth and institutional investor participation was noted in Sampath Bank, Access Engineering and Hayleys. Mixed interest was observed in Browns Investments, John Keells Holdings and Lankem Developments whilst retail interest was noted in Industrial Asphalts, HNB Finance rights and Hela Apparel Holdings.

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and John Keells Holdings) whilst the sector index lost 1.20%. The share price of Hayleys lost Rs. 2.50 to Rs. 135. The share price of John Keells Holdings recorded a loss of 20 cents to Rs. 20.50.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments and Lankem Developments) whilst the sector index decreased by 1.30%. The share price of Browns Investments moved down by 20 cents to Rs. 7.50. The share price of Lankem Developments declined by Rs. 3 to Rs. 16.70.

Sampath Bank was also included amongst the top turnover contributors with its share price declining by Rs. 2 to Rs. 118.75.

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